Dogecoin has been making headlines recently due to a surge in transactions by whales who have spent a whopping $129 million on the meme coin. Despite a significant drop in price over the past week, the recent activity of large holders suggests a shift in the tide may be on the horizon.
According to data from Santiment, addresses holding between 10 million and 100 million Dogecoins have collectively accumulated over $129 million worth of DOGE in the past seven days. This increase in accumulation by whales is significant, especially considering the recent price decline of the coin.
Whales, which are large investors in the crypto world, have been increasing their holdings of DOGE, with over 900 million tokens bought in the past week alone. This represents a 5% increase in the total number of coins owned by these large holders, now totaling 18 billion tokens.
The chart data shows that whale wallets have been steadily increasing their holdings since the end of March. While typically accumulation is seen during periods of price increases, this recent activity is unique as it coincides with a price decrease, indicating a different strategy by the whale wallets.
In addition to the whale accumulation, data from IntoTheBlock also indicates increased activity on DOGE, with around 9.29 billion tokens traded in the past 24 hours and 1,500 transactions completed. This heightened activity suggests that traders are actively exchanging DOGE.
The impact of whale transactions on the price of DOGE is significant, as these large investors can influence market sentiment and drive demand for the coin. The recent accumulation by whales is seen as a bullish catalyst for DOGE, which is currently trading at $0.1428. Despite a recent 11.29% drop in price over the past week, the decline seems to be slowing down, with only a 0.6% loss in the last 24 hours.
Crypto analyst believe that the current price spiral towards $0.14 could be forming an important bottom for DOGE, indicating a potential reversal in the price trajectory. With whale activity on the rise and increased trading volume, the future of Dogecoin remains uncertain but promising.
In conclusion, the recent surge in whale transactions and accumulation of DOGE could signal a positive turn for the meme coin. As the market continues to evolve, it will be interesting to see how these large investors continue to influence the price and demand for Dogecoin. Stay tuned for more updates on this developing story.